Whether you are someone who loves or loathes setting New Year's goals, it's a good time get a refresh on some key bookkeeping tips! Here are a few easy ways to make 2018 a little less frustrating when dealing with your company financials (and maybe save some money at the same time)…
Review Dues and Subscriptions
It's a good idea to do periodic reviews of those pesky monthly subscriptions. Is there a software you have been paying $9.99 per month for that you never use? Often small business owners can find savings by canceling unused monthly charges.
Ask Your Vendors to Give Statements
If you have vendors that regularly bill you with net terms, it is a good general rule of thumb to not pay until they supply a statement. This helps keep you and your vendor on the same page in terms of costs, outstanding bills, and due dates. It also serves as a cross-check on bill payment accuracy.
Create a Bare-Bones Budget
I recommend creating a bare-bones budget for two reasons:
(1) To save for a business emergency fund - having three month's worth of necessary expenses saved takes a weight off your shoulders.
(2) To save for taxes - you can budget in a monthly tax savings (yes, this should be a necessary business expense), don't wait until the last minute to set aside tax money!
There you have it! Three simple tips to make your life less hectic when tackling the most exciting part of owning a business - the books. ;)